"The flagship stores in Mumbai and Delhi will bring more than 200 luxury and designer brands under one roof," the Aditya Birla group company said in release.
Aditya Birla Fashion and Retail Ltd announced on Thursday that it has entered into a strategic partnership with Galeries Lafayette to open luxury department stores and a dedicated e-commerce platform in India. "The flagship stores in Mumbai and Delhi will bring more than 200 luxury and designer brands under one roof," the Aditya Birla group company said in a release.
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Galeries Lafayette is known globally for its flagship store in Paris. The French department store giant has 65 stores globally.
The company is set to open a 90,000 square feet flagship store in Mumbai, which is expected to be operational by 2024. ABFRL said that the store would be housed across two historic buildings.
The building is currently being designed by the architectural firm Virgile & Partners, which has worked extensively on storied department stores globally. Pike Preston is the advisor on record for this collaboration.
Another 65,000 square feet store in Delhi, expected to be operational in 2025, will be at the luxury mall DLF Emporio.
"The partnership with Galeries Lafayette is a ringing endorsement of India's significance as a global luxury market and a future engine of growth for luxury brands. Aditya Birla Fashion and Retail's deep and nuanced understanding of the Indian landscape on the back of our portfolio of designer brands, combined with Galeries Lafayette's global experience, will enable us to create a world-class destination for Indian consumers and global luxury brands," said Ashish Dikshit, MD, ABFRL.
The Aditya Birla group fashion company has strategic partnerships with designers such as Sabyasachi, Tarun Tahiliani, Shantanu & Nikhil and the House of Masaba. The company's portfolio includes Louis Philippe, Van Heusen, Allen Solly, Peter England and fashion retailer Pantaloons.
ABFRL reported its highest-ever quarterly sales revenue in the September quarter. The payment for the period under review came in at Rs 3,075 crore, up 49.7 percent from the corresponding period in the preceding year. The company reported a net profit of Rs 29.4 crore compared to Rs 5.1 crore in last fiscal's September quarter.